Gold and silver extended its descent

  • PTI, Mumbai
  • |
  • Updated: Jun 30, 2013 02:38 IST

The turmoil in yellow-metal haunted domestic investors and traders as uncertainty at global level continued to overlap the sentiment. Sluggish demand due to wedding off-season further ruined the situation.

The shiny metal crashed to 22-month low to revisit the psychologically important Rs 25,000 per 10 grams mark on Friday following hectic speculative unwinding. However, attractive low level buying helped the metal to regain some sheen towards the fag-end trade.

The industrial metal, silver also witnessed frantic speculative sell-off and plunged to multi-year low, though it gained some of its losses at the tail-end session.

Globally, precious metals encountered a free-fall on massive hedge fund selling on strong dollar amid strengthening US economic outlook, rekindling fears of early scale back of Fed's QE measures.

In New York, gold for August delivery tanked to settle at USD 1,223.70 an ounce from 1,292.10 last weekend.

Silver for September contract ended lower at USD 19.47 an ounce.

 

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